AT&T / Bitcoin news board

Michael Terpin sues AT&T for $224 million over loss of cryptocurrency

Michael Terpin a very well-known US cryptocurrency investor and entrepreneur filed a $224 million lawsuit on 15th August, Wednesday against telecommunications company AT&T, accusing it of fraud and theft of digital currency tokens from his personal account.

The complain was of 69-pages. The complaint of 69- pages by Michael was filed in Los Angeles with the US District Court, Michael Terpin said that his token was stolen on January 7, 2018, the tokens were stolen from him through what he alleged was a digital identity theft of his cell phone account. In the complaint, he said the service provider was AT&T.

Michael got an email from AT&T spokesman which said, “We do not agree the allegation which are made on us and we are look forward to presenting our case in court.” At the time of the theft, the three million stolen tokens were worth $23.8 million, the complaint said made by him. Michael Terpin is also seeking $200 million in punitive damages.

The complaint also said that the service provider company AT&T previously has been contracted by law enforcement authorities and government about such frauds. Cryptocurrency has a total market capitalization of about $200 billion dollar’s, according to data from virtual coin tracker. Nine years after bitcoin came into existence, the market has seen more than 1,800 different digital currencies.

Michael Terpin, represented by Los Angeles litigation firm Greenberg Glusker, claimed in the lawsuit that after the theft of three million stolen tokens were worth $23.8 million of digital currency, after the theft was done his account was transferred to an international criminal gang.

Michael Terpin co-founded the first group for bitcoin investors called “BitAngels” in early 2013, and the first digital currency fund, the BitAngels Fund, in March 2014. Terpin is a senior advisor to Alphabit Fund, which is world’s largest digital currency hedge funds. The complaint by Michael Terpin claimed that the theft of the tokens occurred through a fraud called SIM swap fraud.

Wall-Street / Bitcoin news board

Interview: Wall Street Vet Warns of ICE Bringing Bad Banking Practices to Crypto

Caitlin Long is a Wall Street professional with 22 years of experience including running Morgan Stanley’s pension solutions business. Recently, Long wrote an article about the financialization of cryptocurrency by Wall Street entities, describing the new initiative by ICE (owner of the New York Stock Exchange) to launch a new Bitcoin market called Bakkt as a “double-edged sword.”

Long spoke with CCN on financialization in crypto, describing two forms of financialization, one of which improves liquidity through new investors like institutional investors and is beneficial to the space.

“In the good context, liquidity is improving because an asset’s investor base is growing—new investors are coming in, especially institutional investors.”

Cryptocurrency pundits have long been awaiting the arrival of institutional investors with the deep pockets required to bolster the market cap, and with custodianship and other traditional financial infrastructure being put in place that seems to draw ever nearer.

There is, however, a second type of financialization.

Leverage Financialization Mirrors Fractional Reserve Banking

Leverage financialization also improves liquidity, but it does so artificially.

“In the negative context, it means liquidity is improving but it’s coming from the bad kind of leverage—paper claims to an asset that aren’t backed by the asset itself, or “circulation credit” as economist Ludwig von Mises calls it,” says Long.

She goes on to describe a method of creating value out of thin air that since the 2008 financial crisis has become all too familiar.

“The problem is that there’s really no theoretical limit on how much “paper bitcoin” can be created, and paper bitcoin can offset bitcoin’s scarcity—we’ve watched that happen in commodities markets and credit derivatives markets, where paper versions of the asset can suppress the underlying asset’s price by offsetting the real-world scarcity of the asset, such as gold and silver.”

“Bitcoin’s biggest defense is that most bitcoins are stored off the Internet, which will make it hard for Wall Street to source the actual bitcoins and consequently keep a practical lid on how much leverage-based financialization can happen to bitcoin,” she adds.

Caitlin Long@CaitlinLong_

About ICE’s news, when CEO says “bringing transparency & trust to previously unregulated markets” it means he doesn’t understand bitcoin, which is the epitome of . It doesn’t need a centralized institution to bring it trust & transparency! @TraceMayer @BKBrianKelly

Long points to a recent incident with the Hong Kong-based exchange OKEx as a perfect example of how introducing what equates to fractional reserve banking to crypto can go wrong.

“Exhibit A is what happened with Hong Kong-based OKEx this week, where a large futures contract (worth more than $400 million) ended up with such a big loss that it threatened the exchange’s solvency because the loss consumed all of OKEx’s guarantee fund, so the exchange haircut its other customers’ gains in order to stay in business (a “bail-in”),” she said, continuing:

“It’s clear that OKEx was creating unbacked claims to bitcoin, or this could not have happened. A financial institution would only ever need a guarantee fund if it’s creating fractionally-reserved assets. In other words, a financial institution that is fully collateralized—fully backed by the asset against which it creates a paper claim—would never need a guarantee fund. Interestingly, ICE’s press release noted that Bakkt would be starting a guarantee fund as well. So there it is, in plain sight.”

The Wall Street exec went on to point out that fractional reserve banking doesn’t only occur where the Federal Reserve creates money from nothing, explaining how most of the credit created since the 1980s has been created in securities markets, not in the traditional banking system.  Securities market credit is in the form of paper to assets, usually piled on top of other paper claims to assets, just as banking system credit is.

“And this is what I worry will happen to bitcoin—paper claims, piled upon paper claims, piled upon paper claims to the actual bitcoin.”

ICE CEO Doesn’t Understand Bitcoin

NYSE bitcoin
ICE, the owner of the NYSE, is launching a bitcoin market.

Long fears that ICE, the owner of the New York Stock Exchange, will be a key player in the financialization of Bitcoin and other cryptocurrencies, and that the results may not be pretty. ICE will be launching a physically-backed bitcoin futures contract, as well as a full-featured “bitcoin market.”

She didn’t mince words when it came to the statements made by ICE CEO Jeffrey Sprecher, stating that he doesn’t have a good understanding of the cryptocurrency.

“It was odd for the CEO to talk about bringing trust and transparency to Bitcoin, when Bitcoin doesn’t need either because it has already achieved both.”

Long went on to explain that through the Bakkt startup, ICE would try to create liquidity by building exchanges for financial instruments and then collect fees and lend out client collateral in securities lending/repo markets.

“Clearinghouses rehypothecate—lend out—client collateral multiple times, forming long collateral chains in which multiple parties report that they own the very same, single asset. This is one of the ways securities markets engage in a form of fractional reserve banking, and you can’t detect it by reading a clearinghouse’s financial statements because repo accounting allows every party to report that they own the asset—but there’s only one asset!

So, it’s subtle. The devil is always in the details of clearinghouse collateral arrangements, but almost all clearinghouses rehypothecate collateral and I’ll be interested to see if Bakkt plans to do this for its bitcoin collateral,” she concluded. “Net-net, bitcoin holders have real reason to cheer ICE’s entry but also real reason to be concerned about it.”

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Source: CCN

bitcoinnewsboard, china , miners

Xinjiang an autonomous Chinese region to ban Illegal bitcoin miners

It was confirmed by the Government agency that all the illegal bitcoin mining will be eliminated by the end of august from Xinjiang, an autonomous region in China. The confirmation report came following the leak of a government notice issued by Xinjiang Uyghur Economic and Information Commission (EIC), indicating that the government authority was demanding the local utility companies report and shut down their illegal bitcoin mining operations. As per the report in local news paper, an official from the Commission confirmed the authenticity of the document on Monday, mentioning that it was drafted by the EIC’s unit in charge of the Xinjiang region’s utility issues.

The decision was made in the month of January and followed by a notice that Xinjiang required utility companies to make regular reports to the authorities on bitcoin activities locally, as a part of which wider move was made to eventually guide these entities to an orderly exit of the business in the a nationwide and area. The report defined bitcoin miners as any operation in which the government had no knowledge of their work, and they where not registered with the government as a licensed business entity or has been using electricity without formal contracts with utility firms are illegal bitcoin miners. It was also reported, that the utility companies in the region are now tasked with a mission of shutting down such unlicensed operations. Their task would also be to report back to the authority on their progress by the end of August. The Economic and Information Commission have written stating that, “Utility agencies and companies will be held responsible if they failed to shut down illegal bitcoin mining operations in Xinjiang region by the end of this month.”

The Canadian blockchain start-up chief executive, Scott Meng, said: “He has two partners in Xinjiang: one has 40,000 crypto miners, the other has 18,000. They have been asking for help in the past days, urging me to look for places in Canada and US as substitutes. But even for him it is difficult, he has to get electricity first, even after if I had that, he need to build farms from scratch.”

bitcoin news board

Switzerland to ease regulations for Cryptocurrency

Switzerland once called Crypto Nation, is currently driving away the cryptocurrency ecosystem due to its stringent and strict regulatory network. In Switzerland, the Swiss government is making some important changes in the rules and regulations in its regulatory system to reinvent itself as the cryptocurrency hotbed of the world.

It was reported in the local newspaper, that the publishing of Initial Coin Offering (ICO) guidelines on February 2018 has resulted in several crypto enthusiasts and firms leaving Switzerland to offshore rival countries such as Liechtenstein, Gibraltar, the Cayman Islands and the British Virgin Islands.

Most famous and Popular cryptocurrency expert Erik Voorhees had felt that the rules and regulations brought to put a hold on money laundering and other illegal cases are pretty reasonable. The rules and regulations had classified the token into three different types Payment, Utility, and Asset.

Still the reality begs to differ from the popular cryptocurrency expert Erik Voorhees opinion. In the past few years it is observed that, Switzerland has dropped its ranking from Second place in 2017 to Sixth place in 2018 in a PwC country ranking of the sum of initial coin offering (ICO) funds raised. The main and the most important fact is that an ample of cryptocurrency entrepreneurs seem to be losing their interest and having a sort of fear in establishing themselves in the country.

In Switzerland, the cryptocurrency ecosystem has taken various steps to bring back the interest of the entrepreneurs and have also requested the central bank, Swiss National Bank (SNB), to relieve the entrepreneurs from the hardships of opening bank accounts since the new law has been made. The Main challenge is to encourage cryptocurrency innovation within the financial system and at the same time protect the investors from fraud and lack of transparency. The present Anti-Money Laundering (AML) regulation on payment tokens may possibly hold the banks liable for the mistakes made by the ICO issuers based in Switzerland.

 

 

Ethereum/bitcoinnewsboards

To Launch the Most Complex DApp Ethereum Enters Phase 2

Hundreds to Thousands of Transactions on Regularly

As per the local news report previously it reported that, the open-source developer community of ethereum led by developers like Vitalik Buterin, has been focusing on the major development of layer-two solution Sharding and Plasma, which combined has the potential to increase the Ethereum blockchain network to one million transactions per second.

At a panel discussion in the conference, Joseph Lubin, Co-founder of ethereum said that emphasized that in the near future, this blockchain protocol’s main chain will be utilized as a trust system and layer-two networks will mostly handle the heavy load of processing large amounts of data.

“It is moving into a space where it can serve as the layer one trust system and built into Ethereum we’ll have hundreds of thousands of transactions in the layer two systems and we’re going to see that the transaction capacity is doubled this year.”

Solutions like Plasma and Sharding will increase the security of Ethereum’s layer one protocol to securely process information in a highly efficient manner. In this Plasma operates as a multichain protocol with a network of minor blockchains while processing micropayments as a small payment channel. Simultaneously, it is expected that the integration of the two solutions to create a system wherein any decentralized application (dApp) can be deployed and operate without facing scalability issues.

Already many of the crypto and blockchain projects have employed unique off-chain systems to batch payments and only send transactions that absolutely need to be processed on the main chain. 0x, for instance, operates as a base layer for decentralized exchanges and has been processing most of the sell and buy orders on broadcasting batched transactions decentralized exchanges off-chain so that the main chain to reduce the burden on Ethereum.

Decentralized prediction market platform Augur. Joey Krug founder of Augur described as the most complicated decentralized application, has launched on the Ethereum blockchain protocol after years of development. Augur launch on the smart contract protocol of the Ethereum blockchain took longer than any project currently in existence due to the difficulty of its market on a decentralized network that relies on smart contracts to settle the information.

VinEstate / BitcoinNewsBoards

VinEstate – A Promising Real Estate Platform Applied Blockchain

VinEstate, a decentralized blockchain real estate platform is going to start its crowd-sale on Jun 15, 2018. The target object is almost focused on big investors who are interested in this potential project and willing to join in this significant project as a loyal member through investment in buying VinEstate token – VEC.

VinEstate aims to become a global decentralized real estate platform which applied blockchain and used VEC – ERC20 token as a currency unit. It empowers the real estate buyers and sellers by facilitating them with low-cost currency exchanges, enables participation in the global economy and develops the new outlook for this community by using open architecture.

VINESTATE is conceptualized for better consumer adoption of cryptocurrencies, for swift high-speed transactions of money at will and that too at little cost.

The Beauty of the VINESTATE’s platform is that to gain an advantage of the platform a user need not go in depth to understand the technical details of crypto and blockchain technology. VINESTATE is user-friendly, secure, and affordable

Key Features of VINESTATE

  • A free platform for trading cryptocurrency
  • Based on a model offers equal rights to every token owner
  • Provides an absolute secure platform for distributing the piece of real estate
  • Complete freedom for the user to sell or buy tokens without any intervention of the third party
  • Indeed a versatile token thereby giving absolute immunity to a member for transferring or purchase tokens
  • Attractive rewards for users who buy real estate in the platform and join the voting system.

With this forward-looking cutting edge, Ethereum blockchain technology VEC is aiming to strengthen the mainstay of real estate financial systems to let investors cast their net wider and delve deeper into global property markets.

VinEstate platform is planning to launch in March 2019 as the roadmap. Not stopping here, ecosystems are continuing to expand to VinHealthcare and VinEducation in 2019.

For more information, visit https://vinestate.co

Contact: support@vinestate.co

Official channels :

Facebook: https://www.facebook.com/VinEstate-405053443294287/

Simon-Cocking / Bitcoin news board

SIMON COCKING INTERVIEW: WHAT ARE THE BIG CRYPTO THREATS AND OPPORTUNITIES OF 2018?

The 2017 ICO market opened opportunities for a very wide audience to get in the position of investor or day trader. That happened due to its cheaper accessibility. As stock day trading requires at least $30,000 to start, some crypto traders have taken advantage of this opportunity with as little as $1,000.

The hype generated by crypto and the massive influx of ICO investors have made many people rich very fast. According to CoinSchedule, the beginning of 2018 featured lots of successful ICOs that raised decent sums of money:

Source: CoinSchedule

At the same time, even more investors have lost their money: some because of the high scam level, and some because their ICO tokens were never listed on exchanges, so now they are stuck with non-liquid crypto-assets.

Let’s investigate how to make a profit by becoming a crypto investor with Simon Cocking, a successful influencer in the world of crypto! He will share with us his extensive experience and help our readers improve their investments in 2018 to generate more profits and more liquid assets in their portfolios.

Interviewer: Simon, there are lots of unconfirmed rumors surrounding an anonymous person — Satoshi Nakamoto. Who do you personally think he is?

Simon: That’s quite an interesting and tricky question. When chatting with Bobby Lee last week, I got to know that he was pretty sure Satoshi is a collective of three people. I was taught by Michael Clear, the Irish PhD crypto student who was also named as a potential Satoshi. He is definitely smart enough to play such a role, but at the same time, he seemed very modest and keen to quash those kinds of rumors.

So, maybe I have met Satoshi, but it is not easy to find out the truth! Personally, I think the guys behind Bitcoin have played it the right way. And the point of interest should be not who is Satoshi? but that their team has launched a global transformative technology.

What do you think the most efficient decision for crypto investors was in 2017 for making a profit as a crypto stakeholder?

The smartest decision was to buy an equal amount of all top 30 (or even 100) currencies at the beginning of January. This move would certainly have made you a very rich person by the end of 2017!

And on the other hand, in order to protect our readers from crucial mistakes, what was the worst decision for crypto investors in 2017?

All of us observed the rapid “rise and fall” period of Bitcoin and Ethereum. Bitcoin reached over $20,000 USD and then the price quickly lowered to $5–7,000 USD, while the Ethereum price was almost $1,500 USD.

Source: CoinMarketCap

So, the worst mistake, I suppose, was to panic and sell off these currencies. There is a lot of sense in holding crypto — you will never get a profit if you sell currency at low and falling prices.

There is also one important thing to remember before investing — you must do proper research about future liquidity in order to avoid price fluctuations. The main factors to pay attention to are:

  • token utility: which problems does a particular token solve?
  • exchange acceptance
  • acceptance by various networks
  • cryptocurrency regulations

Simon, let’s talk about how you managed to reach success. What has played the most important role in your crypto adventure so far?

It has definitely been the ability to apply all the lessons I have learned from managing businesses in my previous 30 years of work.

In addition to this, dealing with people is also a key issue in reaching success. It is important to treat other people as you would like to be treated. I have always tried to trust people until proven otherwise. Strategically, this requires allocating small amounts of trust at a time, so that no one takes you for a ride.

In my experience, there are a lot of trustworthy people to do business with, and the scammers and crooks are in the minority.

Let’s be honest. If we could get back in time — could you list at least three things with regard to crypto and blockchain that you would never do again?

Hmm, a rather difficult question. Let me think. I feel we are in such a ‘new’ place, with an immature and volatile market, that we are all learning fast.

Therefore, it is all about how we accept things happening around us. I don’t consider my past decisions as ‘mistakes,’ but as necessary elements in helping me acquire the wisdom and insights I now have.

Good business sense is a learned skill, built up by experience; therefore, there is no point in lamenting what you did or didn’t do twelve months ago.

We live in a fast-moving world, and we are all making the best possible decisions that we can with the knowledge and information that we have NOW! Hindsight is always 20/20, but that is not the most relevant aspect when it comes to making decisions in real time.

The crypto world is a very crowded place, and it’s becoming more overpopulated by ICOs daily. What are the market opportunities that still haven’t been taken advantage of by ICOs and investors?

Sure, ICOs are penetrating almost every industry nowadays. The cryptocurrency total market cap is over $300 million USD, and at the beginning of 2018, more than 400 ICOs were launched. But some of them are of no use.

As for market opportunities, I can affirm that the most advantageous ones are those which require the measurement of microtransactions, and can be improved by the use of blockchain-related technologies.

By all means, it is important to remember that not every business or startup needs blockchain implementation, or is made better by tokenization.

Our readers are interested in ICOs in terms of regulations. Everyone is talking about regulations, but we hardly know if all blockchain projects need them. Can you share your point of view, please?

My advice is: regulations are vital, necessary, and really important.

They will bring a better experience for users, help protect investors, and root out scammers. It’s still an immature environment, and regulation is worth implementing. If there are no regulations for ICO projects, all investors will not be protected from hackers, scammers, and fraud. Anyone who says otherwise should be very carefully evaluated.

In addition to regulations, what kinds of mechanisms or infrastructures is the crypto market missing today?

It would be good if more people owned less Bitcoin and other cryptocurrencies. Current market manipulation is still a problem.

All investors want to be sure of token liquidation opportunities, which are very useful if you want to avoid rapid price changes. Mostly, they have to wait before tokens are listed on exchanges in order to trade them. However, there are platforms like Bdaq, which solve the problem of low token liquidity and give investors the opportunity to trade their digital assets immediately without losing profit.

What about American investors? There seems to be enough smart money in America: many VCs, angel investors, family offices, etc. Looks like all those interested organizations could influence the SEC to speed up the regulation process and get the opportunity of investing in ICOs and cryptocurrencies openly. What is the current obstacle for this?

U.S. investors are gaining majority among other countries (16%).

Source: ICOWatchlist

This is why regulation is a good thing, and so are the activities of the SEC — which will help bring greater clarity and understanding about what is (and is not) legitimate. This is a fast-changing area, and even by Q4 of this year and into 2019, we should start to have a clearer roadmap of what tokens are, and how they can be used. All of this will bring more and more investment from traditional investors, as crypto becomes de-risked.

What is your forecast about the future of the investment market? Are crypto funds the ones that are going to take over and leave traditional VCs behind? Or this is just a temporary thing?

In my opinion, traditional investment will move into this area. They are already doing so, and the rest are planning to, as well. We know this for sure because they are contacting us and asking for our advice!

One last question. What to do with non-liquid, locked tokens that have never been listed on exchanges? Are there some potential ways to avoid such situations?

Unfortunately, there is nothing much you can do with it today. And that is a big problem, because investors now are experiencing additional risks that keep them away from backing promising ICOs. Most of these investors still hope to get some liquidity for their non-listed tokens. So this all generates additional stress for the entire market.

Consider this the exact reason why I am keeping a close eye on Bdaq. The team is building a decentralized exchange platform in which any token can be bought and sold, even if it is not listed on an exchange. There is a matchmaking mechanism for connecting perfect crypto investors with perfect tokens. There is lots of good stuff out there, and a mechanism like this could change the market.

I hope to see Bdaq eventually become the exchange with the highest trading volume in the crypto world.

This gets pretty clear once you look into the product and the team. Just have a look at the timeline and the technical side of the white paper here:www.bdaq.io or in their telegram: https://t.me/bdaq_io
I really hope this is a market-changer, as we all need Bdaq.

Let’s express our gratitude to Simon Cocking, professional crypto advisor and enthusiast, for sharing his insights on how to become rich and successful through crypto investing in 2018.

Source: https://irishtechnews.ie/simon-cocking-interview-what-are-the-big-crypto-threats-and-opportunities-of-2018/

FairWin / Bitcoin News Boards

How does a real blockchain casino work?

No one needs to explain the way an ordinary online casino is arranged. Numbers and combinations are generated by a special algorithm which is stored on an organizer’s server and the result of a spin is a number which is generated by the RNG.

Online casino organizers assure us that it is impossible to predict the algorithm, however, casino games developers say that it is not always so.

Very often game algorithm is programmed so that it “cracks” a player`s manner of playing. Let`s imagine a player betting $100, but losing the first game. To recoup for his loss, he raises the bet to $200, wins, now he has $100 in his account, so he raises the bet again to be in the black. After a few more spins the algorithm can deduce this person`s manner of playing and on the basis of it generate the result so that the casino benefits more.

It is only one of the possible ways. There are many more variants of winnings manipulation.

Important thing is that the possibility of manipulations itself is inbuilt in the traditional online casino system because the game algorithm is stored on an organizer`s server and thus hidden from players. That is why the trust of the players in the online casino industry has been disrupted.

Blockchain Gambling

The light at the end of the tunnel appeared with the arrival of the blockchain technology, thanks to which we have the opportunity to create decentralized game platforms. One of the platforms of the kind is the FairWin company technology.

Thanks to the Ethereum blockchain, the game process information was made accessible to all players, as it is recorded in the system, not on the organizer`s server. All the transactions are logged, and every player can see them.


All the bets in the FairWin system are made with the FairWin tokens called FWIN, and all game operations pass not in the Ethereum system, but in the closed data transfer channel called “FairChannel”.

Why we need FairChannel

If every bet and spin is recorded in the blockchain, you would have to wait a few seconds and even minutes for every transaction and every bet. The game would lose the lion’s share of its charm for you.

That is what FairChannel is for. In the FairWin system you make only two transactions in the Ethereum blockchain — when you begin the game and “buy” tokens and when you leave the game and withdraw your tokens. All game turns are registered in the special data transfer channel called FairChannel. That is, every player can have a look at the game algorithm and make sure that all combinations were programmed in advance and no outside interventions in the algorithm took place, so the game result is absolutely fair. In the same way, if the return-to-player (RTP) rate is 96 % the player can be convinced of it after a glance at the algorithm.

Unlike other blockchain casinos, the FairWin game platform does not only ensure the transparency and fairness of winnings, but also provides the low cost and high transaction speed of every spin.

The FairWin company also creates bright casual games for online casinos. The team is developing three slot games – Yggdrasil, Top Drop (about Colombian smugglers) and Back to the 90’s (fighting slot).

Very soon the FairWin company will launch a game demo on their Blockchain platform. It will be a slot game about the Scandinavian mythological tree – Yggdrasil. Northern people believed that Yggdrasil was the tree of life which connected different universes – the world of people, the world of Gods, the world of giants, the netherworld etc. The player has to grow this tree, collecting mana from magic symbols appearing on the reels.

The game prototype will be available for free on the official FairWin site. All players can test this game with the free test tokens TESTFWIN.

The FWIN token sale will begin on the 7th of July.

RUFF / Bitcoin news boards

Ruff Founder Roy Li Show on Live Streaming in the Youtube: Huobi Talk

At 12:00 am on May 3 (Beijing Time), the founder of RUFF — Roy Li joined in the global live streaming of YouTube Huobi Talk at Huobi Office, Singapore. During this live streaming, Roy Li talked about the foundation of Ruff, what indeed Ruff is doing in IoT and what solutions it has provided. Also, he answered questions from netizens about the differences between Ruff Chain and other IoT projects, amongst others.

https://www.youtube.com/watch?v=QYJhmqUg_SM&list=PL1-Ogz7t–MbU3ZNDtPPmIUE1Cey0bujN

Some contents of this video are below:

Host: How can it be upgraded from IoT to the field of blockchain and IoT?

Roy: I started Ruff in 2014, and I wanted an IoT OS at that time. In 2017, it occurred to me that, we should combine blockchain with IoT, since they share many things in common. Then, I shifted from classical PE investment to digital assets investment. I didn’t know exactly how it happened, but I really did tons of researches before I decided on it. It took us 6 months to conceptualize Ruff Chain.

Host: How will you explain blockchain to a 12 year old?

Roy: Blockchain is a distributed ledger, and it makes data immutable, since each node requires ledgering. If you change the data at your own node, the data at other nodes still remain tamper-free. The costs of tampering are so high that no one can tell a lie.

Host: Does Ruff hope more guys can enter this field?

Roy: I need an essential chain to enable our efforts on IoT OS to be applied in practice. We want coding to become easier, so that common developers and designers can develop their own apps. We’d like more developers to focus on application scenarios, instead of bottom-layer development. We’ll offer a “template” for smart contracts, so that developers can easily develop their own Dapps without knowing too much about the bottom-layer knowledge.

Host: How is Ruff Chain named?

Roy: The term “Ruff” originated from rules in contract bridge, meaning “playing a trump card”. I am a member of Canadian youth team of contract bridge, and a professional bridge player.

Host: Then, how is bridge related to IoT or blockchain?

Roy: It requires IQ to play contract bridge, so does development.

Host: What products and services does Ruff provide?

Roy: Our Ruff OS enable you guys to have opportunities to get involved in IoT and blockchain, and our smart contract API will make your Dapps development much easier. For example, if you’re doing a Dapp, you may build your own Token and ecosystem of another industry based on the Ruff Chain ecosystem.

Host: Why should IoT be integrated with blockchain?

Roy: Both technologies are difficult; their tolerances are low and barriers are high; they both need a lot of infrastructure. It’s just like cloud computing, which used to be difficult 10 years ago, but it is easy now. There’s a huge market for blockchain, but its entry is challenging. Ruff hopes that IoT can be easier, blockchain be easier, to form a decentralized network. The reason is, when all the things are combined together, it is even more difficult to develop any application. Many guys are now developing basic chain facilities, but up to now, no one has really realized them, or provided any “real” product to us. Users are also unable to evaluate the real value of use.

It is relatively hard to guarantee the performance of blockchain, such as P2P transfer of Ethereum. Nonetheless, we can guarantee the performance of IoT, since IoT deals more with things happening to “machines” — you need real-time computing power, short response time, and edge computing, while Ethereum does not have APIs to get all the data, which all rely on IoT.

Ruff OS is an open system. Ruff really knows IoT. We know how indeed smart contracts and “machines” are connected, instead of individuals. They are totally two different things.

For IoT, tons of machines require connection, but what comes after connection? For the time being, there are not many applications available to run those “things” well. Machines from different manufacturers or in different models have different protocols (you may understand this as “they speak different languages”). If we abstract the bottom layer, you only need to know JavaScript, and a lamp will be lit on by writing a simple code: “Turn On”. What Ruff OS does is to connect various IoT devices and equipment. Xiaomi and Philips, for instance, focus on their own ecosystems; however, cooperation of different devices may be required for individuals’ life scenarios. Then, who will develop an app to “open the door and turn on the light”? The door manufacturer or the light manufacturer? Ruff OS just emerges for this purpose.

Host: Can you explain the smart contract?

Roy: You may imagine your car to be “Airbnb”. When you don’t need it one day, you may rent out your car with the smart contract when it is idle, and any other can use it. IoT divides the real rights, such as the time of use and the right to use, while the blockchain may conduct data transactions.

Host: Compared with other IoT projects, what is unique to Ruff?

Roy: Our clients need “faster” products, and other projects need to reach the “enterprise level”. What I mean is not a demo in a lab, and that takes at least 5 years, but we’ll get it somewhere late next year.

Host: What is the current price of RUFF?

Roy: I don’t look at the price. I look more at the project itself. In terms of legal tender, it is roughly over twice of the issuing price; in terms of ETH, it is several times of the issuing price. When we initiated Ruff Chain, I locked the RUFF of my team. I myself will not sell my own RUFF.

Host: Concerning the consensus algorithm, how do you choose it?

Roy: We’ve chosen Dpos. A voting mechanism is available in Ruff, open to all the community users. You may upload your information. If you make contributions, others may award you with RUFF, and the Ruff Foundation may also award you.

Host: So, will Ruff Chain send the collected data onto the chain?

Roy: We put most data in centralized storages, and only data with value are sent onto the chain. For example, one’s debit and credit record may be data worth sending onto the chain. There’s no need for us to know whether you smoke or not. It is of little significance to send trivial data onto the chain. Only with the blockchain, we can acquire real-time and accurate data, which dramatically promote industries such as supply chain finance. Although the technical costs of “decentralization” are much higher than those of “centralization”, as to data like “debit and credit”, it may take traditional financial institutions several months to evaluate individuals’ credit performance, but the blockchain may significantly shorten the time and improve the transparency.

Host: How many guys are in your team?

Roy: There’re over 50. 70% of them are engineers, with excellent technical backgrounds. We’re very picky in hiring them. They come from big companies, such as Intel, Alipay, Shanda and Cisco … No one tells you what your technical route is, so we need technical experts in segment fields to collaborate.

We are a “member of Huangpu Class 1” of Microsoft Accelerator; we’ve won the champion of TechCrunch Hackathon; we have a colleague on the list of “Forbes’ 30 Under 30 Asia”. I’m too old, though, 36. Maybe I can be one “Under 40”.

Host: How does Ruff attract more community users?

Roy: Ruff has 13000 developers. Giants like Microsoft and Huawei are doing their own things. However, developers are most concerned about whether development tools are “friendly or not”. For example, Node.js is not created by a giant company, but it is highly popular. Big companies do not know well how to communicate with community users. Linux, for example, was not developed by a big company. Many hate Ethereum, but developers like us. I don’t suppose big companies can catch up with us. They are unable to gather huge developers within a short time. I extremely need the ecosystem and the community. Just like Google or Android, their “benefits” are not from machines, but from communities. If you really love your community, you need trust from more.

Host: If you have to choose either the technology or the user, which one is more important?

Roy: If I must choose one, I’ll choose the user, since there is hardly a ceiling for technical boundary. It is highly difficult to develop something that all others follow you, and you need to continuously create new things. Even IBM, Apple must learn about their users and their users’ demands, and next demands. Users do not know what their next demands will be, but enterprise owners need to know. Someone wants to copy Ruff, but they do not plan their next step. As to Ruff developers, I know what they want, and Ruff will satisfy them. Why do people trust you? You may tamper data, but after you get the money, it is hard for you to deceive “machines” and the entire ecosystem.

You may view their contributions at our website. At the exchange, we have the trading pair of UDST and ETH. It is extremely fast during the cornerstone sales, for the community users support Ruff Chain. I’m also a lecturer in Fudan University. I teach them IoT. I’ll enable more students to learn how to develop with Ruff and display their creativity under appropriate scenarios.

Host: What’s your view of Huobi?

Roy: Huobi pro is our best choice. I’m happy that we are on Huobi, and feel more proud of our technology. We also need to train more developers to use Ruff. We’re launched at the Huobi exchange in January, since Ruff proved that a lot of developers supported us. They contribute their ideas, time and efforts to it.In 2019 or so, you’ll be able to see something interesting in our entire Ruff network. We’re not quite aggressive, or relaxed. Everything is under control.

Host: What do you want to say to Ruff holders?

Roy: When I initiated Ruff, I guessed it should focus on video cards. But it didn’t allow mining, which is also not the main objective of Ruff Chain. Nonetheless, I can’t stop others to do other things with Ruff — Ruff may deal with gas in future; they may trade with Ruff Token.

You can’t treat yourself as a “trader”. You should wait long enough, for all the things. Trust the platform. Do not measure it with “have I gained enough benefits?” I know many guys are crazy, but you must have faith. Trust yourself. If you want to invest in digital assets, then, just hold them.

Host: What do you want to say to Chinese audiences?

Roy: I’m delighted to join in Huobi Talk in Singapore. Hope my fans can support me. There’s a long way to go for us, and I believe Ruff is something I can carry on till I retire.

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